Deputy Minister of Finance, Dr John Kumah, has revealed that the parts of revenue generated from the Electronic Transfer Levy (E-Levy) was used to support the YouStart initiative.
He indicated that this move was part of efforts to curb the high unemployment rate in the country.
Speaking at the launch of the Wealth and Jobs Expo Ghana, in response to data from the Ghana Statistical Service suggesting that about 1.5 million Ghanaian youth are unemployed, Mr Kumah asserted that, “The Ghana Statistical Service on Wednesday announced that about 1.5 million Ghanaian youth are unemployed.
“Last year, E-Levy generated GHS 1.19 billion, and as part of dealing with the job situation… unemployment situation, the government has committed funds through YouStart from these E-Levy sources…to GEA and NEIP to address the unemployment situation in the country.”
He noted that the government allocated funds to its YouStart, National Entrepreneurship and Innovation Programme (NEIP) and Ghana Enterprise Agency to create more jobs for the teeming unemployed youth in the country.
Additionally he said, “I am happy to announce that institutions like Wealth and Jobs Expo and all private groups that are willing to help create jobs in the private sector will also be supported to help create jobs and businesses in the private sector.”
Dr Kumah noted that the government, in the medium term, aims to intensify efforts to attract domestic investments and Foreign Direct Investments with an emphasis on creating jobs anchored on the government’s growth strategy.
He indicated that the strategy is projected to contribute approximately 500,000 jobs.
“Even if we get it, we get 10% of them, it’s 150,000 who will become entrepreneurs. If they do an average of, let’s say, 100 jobs….150,000 x 100, you have almost solved the unemployment problem,” Dr John Kumah stated.